דאָ ס וואָס ביטקאָין טריידערז זאָגן אַ קאַפּ צו $ 38K איז די ערגסט פאַל סצענאַר

The fallout from the Federal Reserve’s recent hawkish comments about raising interest rates as soon as March continued to weigh heavily on the cryptocurrency market on Jan. 6. The Crypto Fear & Greed index has been dialed down to 15 and some traders are lamenting the possible start of an extended bear market. 

Data from Cointelegraph Markets Pro and TradingView shows that bears attempted to challenge the lows set on Jan.5, bringing BTC price down to $42,439 during early trading on Jan. 6.

Let’s take a quick look at where analysts think the price might go in the next few days.

Bitcoin could bottom between $38,000 and $40,000

According to Mike Novogratz, the CEO of Galaxy Digital Holdings and a staunch cryptocurrency advocate, this latest move down “has been on low volume” and highlighted the fact that there is a “tremendous amount of institutional demand on the sidelines.”

As for whether or not Novogratz sees the current market conditions as a good buying opportunity, the experienced trader told CNBC that “he’s waiting a little longer to buy crypto” and suggested that the market will “be volatile over the next few weeks.”

Novogratz said,

“Bitcoin could find a bottom at the $38,000 to $40,000 level.”

BTC attempts to establish a higher low

A closer look at the recent BTC price action was offered by crypto analyst and pseudonymous Twitter user Rekt Capital, who אַרייַנגעשיקט the following chart comparing the current market conditions to those that were seen the last time BTC price fell below its 50-day exponential moving average (EMA).

According to Rekt Captial, BTC “has deviated below the blue 50 EMA” and is now in the process of trying to set a new higher low (HL) as represented by the green dashed line.

רעקט קאַפּיטאַל האט געזאגט,

“In May 2021, BTC also formed a Higher Low (orange) upon deviating below the 50 EMA. BTC held the HL initially but wicking below it was common also.”

Based on the circled section provided on the above chart, Rekt Capital sees the possibility of BTC dropping down into the $40,000 range.

פֿאַרבונדענע: ביטקאָין פּרייַז באַונסיז אַוועק $ 42K ווי סדר בוך ימבאַלאַנס טורנס 'משוגע'

BTC price is in the “golden pocket”

A final bit of analysis highlighting the critical junction the market is in was provided by independent market analyst Scott Melker, who אַרייַנגעשיקט the following chart showing BTC trading between the 0.65 and 0.618 Fibonacci retracement levels.

According to Melker, this range is known as the “golden pocket” and “is considered the most viable place too long or short an asset and look for a reversal.”

מעלקער האָט געזאָגט,

“Price is currently in the golden pocket of the move from $28,600 to $69,000.”

די קוילעלדיק מאַרק מאַרק היטל איז איצט $ 2.077 טריליאַן און ביטקאָין ס דאַמאַנאַנס קורס איז 39.5%.

די מיינונגען און מיינונגען וואָס זענען אויסגעדריקט דאָ זענען בלויז די מחבר און טאָן ניט דאַווקע פאַרטראַכטן די קוקן פון Cointelegraph.com. יעדער ינוועסמאַנט און טריידינג מאַך ינוואַלווז ריזיקירן, איר זאָל דורכפירן דיין אייגענע פאָרשונג ווען איר מאַכן אַ באַשלוס.